Janet Yellen confirms U.S. government will not bail out Silicon Valley Bank

The U.S. government will not bail out Silicon Valley Bank, says Treasury Secretary Janet Yellen.

Speaking on CBS’ “Face the Nation” on Sunday, Yellen confirmed that the federal government will not intervene and use taxpayer dollars to bail out the bank that collapsed in 48 hours.

“Let me be clear that during the financial crisis, there were investors and owners of systemic large banks that were bailed out, and the reforms that have been put in place means that we’re not going to do that again,” Yellen stated. “But we are concerned about depositors and are focused on trying to meet their needs.”

U.S. regulators are looking at a broad array of options, including acquisitions.

“This is really a decision for the FDIC, as it decides on what the best course is to resolve this firm,” Yellen said.

Yellen’s remarks come soon after former Federal Deposit Insurance Corporation (FDIC) Chair Sheila Bair thinks finding a buyer for SVB is “the best outcome.”

“The problem is this was a liquidity failure, it was a bank run, so they didn’t have time to prepare to market the bank,” Bair told NBC’s “Meet the Press.” “They’re having to do that now and playing catch up.”